View
694
Download
1
Category
Tags:
Preview:
DESCRIPTION
Powerpoint accompanying workshop session from the Homeless and Housing Coalition of Kentucky's 2013 conference. Rachel Hurst, Louisville AHTF. Critical affordable housing needs are increasing in Kentucky. Representatives from Louisville, Lexington, and Kentucky Housing Corporation discuss how the AFTF program helps in the development of affordable housing in their communities.
Citation preview
Louisville MetroAffordable Housing Trust Fund, Inc.
Overview, needs, and call to action
Agenda for this presentation
1. LAHTF background, needs, and proposed solution
2. Questions ( __ minutes), & after
3. What can you do? What commitments will you make?
What is the LAHTF?• Established by the Louisville
Metro Council in 2008
• Louisville Metro County Ordinance 40.41- 45 (2008)
• Receives/disburses money to orgs that can solve the housing crisis
• Nearly 700 HTF’s in US
Invests public funds in housing our community needs: – for people on fixed incomes
like seniors and people with serious disabilities;
– for young families starting out;
– for working people whose wages are not enough to live in Metro Louisville.
History• 2004 – CLOUT, MHC, HFH,
others• “Open the Door” campaign• 100+ endorsers• Mayoral Task Force• 2008 & 2009 – ordinance• 2010 – board of directors• 2012 – Needs Assessment• Now
– $400K to invest in vacant/abandoned properties rehab
– need for dedicated public revenue
What is affordable?
• Housing is affordable when you spend less than 30% of your monthly income on housing and utilities combined.
Is there a need in Louisville?
91,999 families = 4 YUM! Centers
Source: MHC 2012 State of Metro Housing Report analysis of Jefferson County Public Schools data.
National Low Income Housing Coalition (2011) analysis of 2009 American Community Survey data for Kentucky’s Congressional District 3 reports 91,999 households live in unaffordable housing in Louisville; 106,496 of total households are renters; 48,227 of those in unaffordable housing are renters. The number of homeowners in unaffordable housing is calculated as the difference between 106,496 and 48,227 (48,300).
Metropolitan Housing Coalition analysis of 2010 U.S. Census Bureau data as reported in the 2011 report Louisville’s Foreclosure Recovery: Understanding and Responding to the Impact of Foreclosure Sales.
SSI and the cost of housing in Louisville
SSI monthly income
19% of income to utilities
11% of income remaining for housing
Fair Market Rent
% of income SSI-only household must spend to afford FMR and utilities
1 person $ 674 $ 128 $ 74 $ 506 (efficiency)
86% of income
2 people $1,011 $ 192 $ 111 $ 585 (1 BR) to$ 694 (2 BR)
68.8% to 79.6% of income
Who benefits when housing is affordable?
Businesses Schoolchildren Hardworking
families Businesses and
nonprofits that create high-quality affordable housing
Neighborhoods
Economic Impact of $1m investment in affordable housing in Louisville
Year 1: $6.5m + 112 local jobs
supported:• $5.8m local income
generated for residents (in business owner income, wages, salaries)
• $596K local tax revenue generated
Year 2 & beyond:(annual ongoing effect when the homes are occupied)
$3m + 44 local jobs supported:
• $2.67m local income generated
• $387K local tax revenue generated
Community problems associated with affordable housing crisis•Academic performance•School absenteeism•Preventable mental and physical health problems•Family dynamics•Foreclosure•Vacant and abandoned properties
•Increased crime•Loss of affordable insurance•Devalued home values
Louisville AHTF solutions to the affordable housing crisis
1. Revolving loan fund for rehab of vacant and abandoned properties for affordable housing re-use
2. Establish dedicated ongoing public revenue source
Solution:Enact 1% increase in insurance premium
tax for LAHTF
• LAHTF still lacks the key component that defines all HTF’s – a source of dedicated ongoing public revenue
• The city of Louisville may take action now to help hardworking families – by enacting a 1% insurance premium
tax increase – by March 14, 2013 – as the source of ongoing dedicated
public revenue for the LAHTF.
• 63¢ a month raises $9.7 million annually for homes for struggling families
• $10 million annually needed (Metro Council, Task Forces, advocates, and LMCO 40.43)
What will YOU do?
Ways to help build community momentum:
To get $10m annually for affordable housing, we need __ more votes:
• 2/28 rally• Fill the chambers 2/14, 2/28,
3/14• Contact your Metro Council
member & voice support: 574-1100
• Collect postcards• Letters to the Editor, media
outreach
• 1469 S 4th St, Suite 300, Louisville KY 40208• Rachel M. Hurst, Executive Director• 502-637-5372 office/270-869-5613 cell• rachelmhurst@gmail.com • www.louisvilleahtf.org • Facebook: louisvillehousingtrust
Louisville MetroAffordable
Housing Trust Fund, Inc.
Recommended